In its filing, the company said its growth strategies include growing its subscriber base, expanding its assortment via new brand partners, launching new categories and international expansion. “Because we have a short operating history at scale, it is difficult for us to predict our future operating results." "As of July 31, 2021, we had an accumulated deficit of $674.1 million,” the company stated.
RENT THE RUNWAY IPO REGISTRATION
Rent the Runway, which launched in 2008, acknowledged the losses in the registration statement’s warnings to investors. It had 97,614 active subscribers over the period, compared with 54,228 in 2020. It has 126,841 total subscribers in the six months ended July 31, compared with 108,752 in the year-ago period. On the positive side, the company’s subscriber base has started to grow again after plummeting in 2020. Its net loss totaled $171.1 million in 2020, compared to a net loss of $153.9 million in 2019.įor the six months ended July 31, Rent the Runway lost $84.7 million on revenue of $80.2 million. Rent the Runway’s revenue fell to $157.5 million in 2020, from $256.9 million in 2019. The filing also revealed an uneven recovery from the pandemic to date. Similar to other digital-first retailers such as Warby Parker and Allbirds that have filed to go public in recent months, Rent the Runway's filing revealed that it has been losing money. It subsequently closed its brick-and-mortar locations, updated its subscription plans and entered the resale market.
The pandemic took a heavy toll on Rent the Runway as wedding and other dress-up events were canceled and women put wardrobe refreshes on hold. Rent the Runway has applied to list on the Nasdaq under the ticker symbol “RENT.” The New York-based fashion rental company is looking to sell 15 million shares priced at between $18 and $21 apiece in its IPO, raising $315 million, for a fully diluted valuation of $1.24 billion to $1.46 billion, according to a securities filing.
Rent the Runway has set the terms for its initial public offering.
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